Palio to disband as partners join Chenavari

The team will join Chenavari's UK mid-market direct lending division. They are tasked with developing deal flow for the firm's investors to lend to successful SMEs, currently experiencing the tightening of credit from mainstream banks in the mid-market segment.

The moves spell an uncertain future for Palio, with several media reports expecting the firm to disband in the wake of the departures.

Palio was looking to raise £150m through an IPO in October 2012, due to complete in November. The firm was seeking a dual listing of its Palio UK Mid-Market Debt fund on the London Stock Exchange and the Channel Islands Stock Exchange.

The firm's chief executive Mike Henebery is a former investment director of Montagu and former partner of Gresham Private Equity. Chief investment officer Jerry Wilson is a former managing director at RBS. Darren Gibson was chief operating officer at Palio.

Chenavari is an alternative assets manager specialised in credit and debt markets with close to $4bn in assets under management.

Palio was not available for comment.

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